LAW OF THE REPUBLIC OF UZBEKISTAN

of March 29, 2022 No. ZRU-760

About modification and amendments in some legal acts of the Republic of Uzbekistan in connection with enhancement of corporate management system

Accepted by Legislative house on December 28, 2021

Approved by the Senate on March 17, 2022

Article 1. In article 38 of the Law of the Republic of Uzbekistan of December 21, 1995 No. 154-I "About the Central bank of the Republic of Uzbekistan" (in edition of the Law of the Republic of Uzbekistan of November 11, 2019 No. ZRU-582) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2019, No. 11, Art. 790; 2021, 4, No. 10, the Art. 968) the words "and also organizations subordinated to the Central bank" shall be replaced with words appendix to No. "Central Securities Depository, and also the organizations subordinated to the Central bank".

Article 2. Part the sixth Article 70 of the Civil code of the Republic of Uzbekistan approved by the laws of the Republic of Uzbekistan of December 21, 1995 No. 163-I and of August 29, 1996 No. 256-I (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, appendix to No. 2, No. 11-12; 1997, No. 2, Art. 56, No. 9, Art. 241; 1998, No. 5-6, of Art. 102; 1999, No. 1, Art. 20, No. 9, Art. 229; 2001, Art. No. 1-2, 23, No. 9-10, Art. 182; 2002, No. 1, Art. 20, No. 9, Art. 165; 2003, No. 1, Art. 8, No. 5, Art. 67; 2004, Art. No. 1-2, 18, No. 5, Art. 90, No. 9, Art. 171; Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2006, No. 4, Art. 154, No. 9, Art. of the Art. 494, 498; 2007, No. 1, Art. of the Art. 3, 5, No. 4, Art. of the Art. 156, 164, No. 8, Art. 367, No. 9, Art. 416, No. 12, Art. of the Art. 598, 608; 2008, No. 4, Art. 192, No. 12, Art. 640; 2009, No. 9, Art. 337; 2010, No. 9, Art. of the Art. 335, 337, 340; 2011, No. 12/2, of the Art. of the Art. 363, 364, 365; 2012, No. 4, Art. of the Art. 106, 109, No. 12, Art. 336; 2013, No. 10, Art. 263; 2014, No. 5, Art. 130, No. 12, Art. 343; 2015, No. 8, Art. of the Art. 310, 312; 2016, No. 4, Art. 125; 2017, No. 4, Art. 137, No. 9, Art. 510, No. 12, Art. 773; 2018, No. 1, Art. 4, No. 4, Art. 224, No. 7, Art. 433, No. 10, Art. 673; 2019, No. 3, Art. of the Art. 161, 166, No. 5, Art. 267, No. 10, Art. 671, No. 12, Art. of the Art. 880, 886; 2020, No. 1, Art. of the Art. 3, 4, No. 10, Art. 593; 2021, appendix to No. 4, to No. 8, the Art. 801, No. 10, the Art. 968) to state in the following edition:

"Governing body of the unitary enterprise is his head, and also the supervisory board if it is provided by the charter of the unitary enterprise. The head and the supervisory board of the unitary enterprise are appointed the owner of property or the body authorized by the owner and are accountable to them".

Article 3. Bring in the Law of the Republic of Uzbekistan of April 26, 1996 No. 223-I "About joint-stock companies and protection of shareholder rights" (in edition of the Law of the Republic of Uzbekistan of May 6, 2014 No. ZRU-370) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2014, No. 5, Art. 128; 2015, No. 8, Art. 312, No. 12, Art. 452; 2016, No. 4, Art. 125, No. 9, Art. 276; 2018, No. 1, Art. of the Art. 1, 4, No. 4, Art. 224; 2019, No. 3, Art. 166, No. 12, Art. of the Art. 880, 886, 891; 2020, No. 1, Art. 4, No. 7, Art. 449, No. 10, Art. 593; 2021, appendix to No. 4, No. 10, Art. 973) following changes and amendment:

1) in Article 13:

third to exclude part;

the fourth and fifth to consider parts respectively parts three and the fourth;

Article 22 to exclude 2);

3) in Article 42:

third to exclude part;

the fourth - the ninth to consider parts respectively parts three - the eighth;

4) in Article 44:

third to exclude part;

parts the fourth, fifth and sixth to consider respectively parts three, the fourth and fifth;

5) in Article 60:

the ninth to exclude part;

the tenth to consider part part nine;

6) in Article 62:

the second to exclude part;

speak rapidly the third, fourth and fifth to consider respectively parts two, the third and fourth;

to state the paragraph of the sixth part two in the following edition:

"procedure for acquaintance of shareholders with information (materials) which is subject to provision to shareholders by preparation for holding general meeting";

to exclude from part three of the word "and to the representative of the state";

to exclude from part four of the word "and to the representative of the state";

7) in Article 64 part one:

to exclude from the paragraph of the fifth word "and to the representative of the state";

to exclude from the paragraph of the sixth word "and to the representative of the state";

8) in Article 67:

to exclude from the name of Article of the word "and representative of the state";

the second offer of part one to exclude;

9) in Article 76:

in part one of the word "one year" shall be replaced with words "three years";

the thirteenth to exclude part;

10) in Article 78:

the fifth to exclude part;

the sixth - the eleventh to consider parts respectively parts five - the tenth;

Shall be replaced with words 11) in part eight of Article 79 of the word "one year" "three years";

The word "ten" to replace 12) in Article 89 part five with the word "five";

13) in Article 107:

state part one in the following edition:

"For control of financial and economic activities formation of audit committee (election of the auditor) of society can be provided by the charter of society";

add with part two of the following content:

"The audit committee (auditor) is elected by general shareholder meeting";

the second - the ninth to consider parts respectively parts three - the tenth.

Article 4. Bring in the Law of the Republic of Uzbekistan of December 6, 2001 No. 310-II "About societies with the limited and accessorial liability" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2002, No. 1, Art. 10; Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2006, No. 4, Art. 154; 2007, No. 7, Art. 325, No. 12, Art. 598; 2011, No. 12/2, of Art. 363; 2012, No. 12, Art. 336; 2014, No. 1, Art. 2, No. 5, Art. 130; 2015, No. 8, Art. 312; 2018, No. 1, Art. of the Art. 1, 4; 2019, No. 3, Art. 166, No. 12, Art. of the Art. 886, 891; 2020, No. 1, Art. 1, No. 7, Art. 449; 2021, appendix to No. 4) following changes and amendments:

1) in Article 39:

third to exclude part;

the fourth and fifth to consider parts respectively parts three and the fourth;

add with part five of the following content:

"According to the decision of general meeting of participants powers of executive body of society can be delegated under the agreement of the commercial organization (trustee). Conditions of the signed agreement affirm the supervisory board of society, and in case of its absence general meeting of participants if other is not provided by the charter of society";

2) in Article 45:

the second offer of part one to exclude;

the second after words "members of the supervisory board of society" to add part with the words "with the trustee".

Article 5. Bring in the Law of the Republic of Uzbekistan of July 22, 2008 No. ZRU-163 "About the security market" (in edition of the Law of the Republic of Uzbekistan of June 3, 2015 No. ZRU-387) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2015, No. 6, Art. 227; 2018, No. 1, Art. 1; 2019, No. 1, Art. 5, No. 3, Art. 166, No. 4, Art. 199, No. 12, Art. 891; 2020, No. 7, Art. 449, No. 10, Art. 593; 2021, No. 1, Art. 13, appendix to No. 4, No. 10, Art. of the Art. 968, 973) following amendment and change:

Article 33 part one after words "National Bank of foreign economic activity of the Republic of Uzbekistan" to add 1) with the words "and (or) Central Securities Depository";

The paragraph of the eighth part one of Article 39 to state 2) in the following edition:

"implementation in accordance with the established procedure calculations in securities and calculations in money by results of security transactions at the organized biddings by securities".

Article 6. In part one of article 36 of the Law of the Republic of Uzbekistan of February 25, 2021 No. ZRU-677 "About auditor activities" (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2021, No. 2, of the Art. 146) of the word "10 percent" shall be replaced with words "five percent".

Article 7. To the Cabinet of Ministers of the Republic of Uzbekistan:

bring decisions of the government into accord with this Law;

provide review and cancellation by state bodies of their regulatory legal acts contradicting this Law;

provide execution, bringing to contractors and explanation among the population of essence and value of this Law.

Article 8. This Law becomes effective from the date of its official publication.

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